Democrats are putting drug-pricing controls at the heart of their economic platform

Senate Minority Leader Chuck Schumer, accompanied by Senator Martin Heinrich and Senator Amy Klobuchar. Reuters Democrats are rolling out "A Better Deal," an economic platform aimed at winning back voters the party lost in the 2016 election.

One of the biggest points on the populist agenda? Tackling the rising cost of prescription drugs.

The emphasis on drug pricing is one of the three main pillars included in the platform, along with plans to raise wages and "cracking down" on corporate monopolies.

As part of the agenda, Democrats hope to allow Medicare to negotiate drug prices, as well as set up an agency that can fine companies that implement excessive price increases.

Companies that increase the price of their drugs by a certain amount would have to justify the hike to the Department of Health and Human Services 30 days before the price went into effect. In particular, the hope is to have this provision address price hikes to drugs that Medicare spends the most money on.